Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-06-15
CHICAGO, June IA.

| CHICAGO, June II.
There was furry in the wheat msrke,
Tuesday morning. In less than FIVE min les
from the opening of the board July whea,
broke three cents. 1t opened at s3s broke ,c
SU4 and continued in its downward course
until 79 was reached
Then reaction set in and wheat Is nov
gradually advancing, last quotation being 10.
for July June wheat has also plunged from
92A to 81.
The excitement was intensified bv the col.
lapse of the coffee corner in New York, and
the enormous wheat receipts here this morn.
ing. which were reported TO be about 500. .OOC
bushels.
At II A. NJ. the indicstor for July show ed
that wheat was again selling down and in f f.
teen minutes 1t was offered at 70 cents, 81
cents below the opening the hour before
Then came the third tumble at the noon
hour and July wheat sold down TO 764 cents.
or It cents below the opening price.
The entire board was in little less than
pande emonium. Rumors reached here that
there was a run ON the bank IN Cincinnati,
where the headquarters Of the Longs" is
supposed to be situated
Margins freely called and heavy deposits
demanded. The Chicago banks, il was said,
refused to advance any more meney on
the checks of some parties interested on the
"long side" had been refused.
AT 2.30 came the startling announcement
that all persons having trades with Roseufeld
Co, one of the clique of houses, should
close them at once. The uproar had not
subsided when July wheat took its fourth
and worst turn OF The day, dropping for a
moment to "A cents ami closed the morning
session at TAT.
Trouble was expected on margins at Ker-
shaw, and the crowd was ready for anything
short of an earthquake. Throngs of people
rushed in from the streets and the gallery
was filled with an excited throng of men and
women 1t was forenoon session to be re-
membered as long as wheat grows.
The intermission at one o'clock gave the
members chance to ca ch their breath, and
when the afternoon session was called the
excitement had somewhat abated.
At two o'clock it was officially announced
that +. w. Bailey & Co. and Hammil & Brine
requested all parties having deals with them
to close them ont at once. The instant this
announcement was made July wheat dropped
to 73t but soon recovered to "a Five min
utes later Secretary Stone raped the tumul-
tuous crowd to order and read the following
from the leading clique house of c. J. Ken.
shaw & Co.:
I'VE have assurance that margins and
ample funds will be forthcoming by tomorrow
forenoon, and request that no trades be closed
out"
This announcement was received with
cheers for few minutes, July wheat selling
at 754 The lowest figures touched by July
wheat during the day were l04 cents under
yesterdays close.
Although the chief excitement of the day
was in July yet June wheat sold with the
widest fuctuatiods from 90 down to 80, up
to 81, and then by jumps dow to 73. when a
slight reaction occurred. The lowest figure
touched bv June was about twenty cents un-
der Yesterdays closing price. June closed
at 743. deferred futures declined and los.
sharply, but during the forenoon dropped
about u for August and September.
MILWAUKEE, June IA.
The sudden drop of wheat at all the grain
centres caused intense excitement on change
today. Three failures were announced.